KUCHING: Sarawak will work with the private sector to finance its transition towards a green, low-carbon economy, says Tan Sri Abang Johari Openg.
The caretaker Premier said this involved a hybrid financing model to meet the state's development needs, with the private sector playing its role as the engine of growth.
"Government provides the facilities and also the policies to comply with the global economic landscape, but the people who really do it is the private sector," he said in a fireside chat at the Powering Forward: Financing Sarawak's Industrial Transition forum here on Tuesday (Nov 10).
"That's why there must be hybrid financing. The government has revenue and at the same time, we can raise bonds or sukuk.
"The private sector also can execute what they want to do through private financing."
Abang Johari said hybrid financing would be key in the development of Tanjung Embang into a new area of growth.
The proposed projects there include a gas terminal, aerotropolis, international airport and deep sea port.
"This means a lot of infrastructure has to be done, and the one that can execute it is the private sector," he said.
Abang Johari also said the development of the new airport and port took in consideration Sarawak's location within South-East Asia and the wider Asian region.
With destinations like India and East Asia about six hours away by air, he said Sarawak can become a travel and cargo hub.
The state's other competitive advantages include renewable energy, low tariffs and free tertiary education policy, providing a ready pool of talent.
"When I engage with potential investors, what they like is not only our power and our water, but our policy in education, because you can get the latest people who know about modern technology," Abang Johari said.
Organised by the British Malaysian Chamber of Commerce in collaboration with Invest Sarawak and Standard Chartered, the one-day forum was attended by business leaders, government officials and industry stakeholders to discuss finance, technology-enabled decarbonisation and greater participation by local businesses and vendors in Sarawak's transition ambitions.
